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Old 08-04-2019, 06:48 PM
 
12,334 posts, read 15,279,746 times
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Perhaps, but it would be a tough fight. It would be a lot easier if all my employers offered 401k plans. Most did not. Of course, small firms are most likely to not bother setting them up. Is that a valid excuse?
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Old 08-04-2019, 06:50 PM
 
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Even if you don't have a 401K through an employer, if you're working in the U.S. and have earned income, you can still contribute to a yearly IRA.
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Old 08-04-2019, 08:04 PM
 
Location: SoCal
13,672 posts, read 6,508,193 times
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You can save in after tax account. My daughters company has less than 5 employees, I tried to set up employers type of account for her, but her business partner doesn’t want it. He wants to save money to buy a house.
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Old 08-04-2019, 09:02 PM
 
Location: DFW - Coppell / Las Colinas
32,290 posts, read 36,876,417 times
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A pretty sharp guy told me right out of college back in the 70's "Pay yourself first".

Even with a wife, 2 kids, a mortgage and life I tried to always pay myself a little something every paycheck into savings. Luckily that plus compounding and 2 nice careers despite 1 divorce I'll be able to stop work anytime I want. I only work now because I want to, not because I need to.

Pay yourself first. In the beginning it wasn't 10% but usually it was more.
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Old 08-06-2019, 03:32 PM
 
26,206 posts, read 33,201,468 times
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I could not have saved 10% most of my years - no way possible. It took everything I made to pay the rent and buy food and gas. Until I hit about 27, it was paycheck to paycheck.

However, for the last 17 years I have put away 20%. Actually more than that as I contribute to my pension. It’s pretty difficult to save when you first start out unless you are a college grad in a good field and start out with a great job. So sure, sone can manage it, but certainly not everyone.
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Old Today, 09:34 AM
 
Location: RVA
2,182 posts, read 1,282,650 times
Reputation: 4511
I saved 10% or more every year from when I graduated. Always had a 401k with match from when they started, & always got the full match. Unfortunately that did not prevent my ex wife from running up lots of CC debt that I was too late to realize. ( hence the EX part). So much of that went to pay off debt and start over at age 35. From that point on I paid myself first and increased my savings with every raise to steadily drive myself in to a LBYM lifestyle. And then stuck with a slightly lower paying career to end up with a healthy pension plus investments and max SS. Retired at 61 with plenty of income and investments. It works.
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